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European Shareholders Lack Influence

Global Glimpses | September 2, 2010

The European Commission should not overestimate the role that shareholders can play in corporate governance improvement, according to a body that represents big pension funds.

A recent Commission green paper on governance reform said institutional shareholders were partly to blame for the financial crisis because they hadn’t performed their ownership role properly. It also said too many of them weren’t interested in corporate governance.

But the European Federation for Retirement Provision (EFRP), which speaks for national pension industry associations, has rejected that analysis.

“In our view most pension funds take responsible investing and active ownership very seriously,” it said in its...

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